Bitcoin (BTC) is on the edge of breaking the $70,000 barrier, with its current trading price at $69,800. Despite a slight 1.7% dip in the last 24 hours, all eyes are on this digital currency as investors flock towards US spot Bitcoin ETFs.
Spot Bitcoin ETF Inflows Surge, Led by Major Players
The ETF landscape has been rocked by a major transformation, as a staggering $418 million has flooded into US spot Bitcoin ETFs. The heavyweights of BlackRock and Fidelity are spearheading this movement, luring in massive investments and signaling a strong bullish outlook.
In fact, Fidelity’s fund experienced a jaw-dropping surge of $279.1 million in just one day, thanks to a bold move of acquiring 4,000 Bitcoins.
Hashdex Joins the Spot Bitcoin ETF Party
The Hashdex Bitcoin ETF (DEFI) makes its highly anticipated trading debut in the US today. This groundbreaking event not only marks the eleventh spot Bitcoin ETF in the market, but also showcases the growing acceptance of cryptocurrencies by traditional financial institutions.
Bitcoin Mining Rewards Consolidation Sparks Speculation
An enigmatic figure or collective, known for their successful Bitcoin mining ventures, has recently amassed a staggering 2,000 Bitcoins from their 2010 exploits and stored them in a single wallet.
With a current value of almost $140 million, the sudden consolidation has sparked speculation about their plans for the valuable digital currency.
Profit-Taking May Be Limiting Price Growth
Despite its recent successes, Bitcoin’s attempt to reach its all-time high was thwarted by a wave of profit-taking. According to on-chain data from Glassnode, there was a significant surge in profit-taking events, resulting in a staggering $2.6 billion in realized profit being snatched up. This created a formidable barrier for the market to overcome.
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BTC Short Squeeze Potential on the Horizon
The market is buzzing with predictions of a potential short squeeze on the beloved cryptocurrency. With short positions feeling the squeeze, experts are eyeing a potential surge towards the coveted $80,000 milestone.
According to CoinGlass, a mere jump to $71,000 could send shockwaves through the market and trigger a wave of short position liquidations.
BTC/USD Technical Analysis
- Current Price: $69,800
- Resistance Levels: $70,000, $75,000
- Support Levels: $65,000, $61,224 (weekly low)
- The Indicators Send Mixed Signals, the Moving Average Convergence Divergence (MACD) Dips Below the Signal Line, Hinting at a Possible Downtrend. Meanwhile, the Relative Strength Index (RSI) Stands at a Neutral 52, Leaving the Market in a State of Uncertainty.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.